The exterior is just as important as the interior when it comes to getting top dollar for your next flip, new development, or even your own home.
Improving your home's curb appeal is a wise long-term investment that will increase both your satisfaction with and pride in your residence and its sale price to potential buyers. A 7% or more increase in property value can be attained simply by improving the home's curb appeal. The National Association of Realtors® also discovered that the full cost of landscaping and tree service is recovered in a sale.
The question is, which landscaping projects will yield the highest rate of return (ROI)?
1. Installing a deck or patio: Good
Having a deck or patio makes it much more practical to entertain guests or spend time with loved ones outside.
According to Martin Boonzaayer, CEO of the Trusted Home Buyer in Phoenix, "Patios or decks can provide a gathering place for outdoor entertaining and increase the value of your home."
Boonzaayer estimates that homeowners who choose to invest can expect a return of 65% on their money.
What is a reasonable spending limit? An average 16x20 foot wood deck built with pressure-treated planks will cost homeowners around $16,000, as reported in Remodeling Magazine's Cost vs. Value Report. While the initial investment for a composite deck is higher, the return on investment is not much different.
2. A sprinkler system installation: Good
It's not very aesthetically pleasing to see a lawn that has become dry and brown. Putting in a sprinkler system is a smart move that will save you money in the long run and keep your lawn looking great by eliminating the need for unsightly patches.
Boonzaayer recommends installing a sprinkler system to maintain a lush lawn and beautiful landscaping. If you happen to reside in an area currently experiencing drought, this may be of particular use to you. It is possible to recoup the full cost of a sprinkler system when selling a home.
Depending on the size of your lawn and your location, you can expect to pay anywhere from $500 to $3,500 to have a sprinkler system professionally installed.
3. A paved walkway: Good
Creating a beautiful walkway from the driveway to the front door can do wonders for the curb appeal of your home.
An Atlanta-based contractor and director of residential hardscapes for Belgard, Joe Raboine, says that installing a paver walkway is a project with a high return on investment and a high personal return on investment. "One of the simplest ways to refresh the exterior of your home is to replace the front walkway."
Whether you're going for an old-fashioned look with cobblestones or a more contemporary vibe with large-format pavers, the possibilities are endless.
Raboine claims he has seen returns on investment of over 80% from installing such walkways.
A paver walkway can cost anywhere from $2,500 and up.
4. Tree-planting: Good
Spending time in nature, and particularly in the company of trees, has been shown to have a positive effect on mental health and well-being. An investment in landscaping can increase the value of your home in more ways than one.
Boonzaayer explains that by planting trees, not only will you and your home benefit from the shade they provide, but you will also improve the appearance of your property and contribute to environmental sustainability.
He further states that strategically placed trees can increase the value of a home by up to 15%, more than covering the cost of the trees themselves.
The total cost to plant a tree can range from $100 to $2,000 or more, depending on the tree's size and the cost of labor in your area.
5. Incorrect plant selection: Bad
"Thoughtful landscaping in general increases curb appeal," says Tennessee-based horticulturist Tammy Sons.
If you plant the wrong kinds of trees and shrubs in the wrong places, however, you can actually reduce the value of your home.
According to Sons, "planting large trees near paved drives and sidewalks or patios where the tree's roots could crack the concrete" is a bad idea.
Homeowners are urged to prioritize local flora in Sons' gardening advice.
Sons warns against the potential disaster caused by the introduction of exotic, invasive plants. For instance, kudzu can expand by as much as 18 inches in a single day. These plants are invasive and will consume everything in their path, including the soil and any other vegetation.
6. Setting up a garden: Bad
If you have a green thumb, your idea of heaven is a garden full of fresh vegetables, herbs, and flowers. If a potential buyer has a history of killing every plant they touch, a garden may be seen as a nuisance that will quickly become an eyesore due to the proliferation of weeds.
A garden is a rewarding hobby, but the return on investment is low, according to Boonzaayer.
When renovating your home, you shouldn't always try to please a potential buyer. At least you'll be aware of the market reaction before deciding whether to install a patio or garden in your home.
